Journal Press India®

A Buyer vs. Seller Perspective of 7ps in Post- Liberalisation Indian life Insurance Sector

Vol 14 , Issue 1 , January - June 2013 | Pages: 45-55 | Research Paper  

https://doi.org/10.51768/dbr.v14i1.141201304


Author Details ( * ) denotes Corresponding author

1. * Ganesh Dash, Assistant Professor, School of Business and Management, Jaipur National University , Jaipur, Rajasthan, India (ganeshdash@hotmail.com)

This study attempts to assess the impact of 7Ps on the customers’ policy purchasing decisions. It was widely assumed that both the customers (buyers) and the executives (sellers) involved in the life insurance marketing process have different perceptions regarding the impact of these various elements of 7Ps on the customers’ decision to choose a policy. The causes and degree of these differences were examined further.
Design/methodology/approach: This study incorporates primary data which included 405  life insurance policy  holders and  207 life insurance executives involved in the life insurance marketing process. The collected data was subjected to reliability and validity tests first and then ANOVA and t- Test were applied to compare the means of the various categories of respondents.
Findings: After a thorough empirical investigation, it was found that ‘policy elements’, ‘policy pricing’ and  the ‘people’ associated with the policy  marketing process  influence the customers most  to buy  a life insurance product.
Research limitations/implications: The time and the area covered under the study were very limited owing to unavoidable constraints. The sample size was also not large  enough to provide universally acceptable findings. But, this study has managed to explore an area which was not studied earlier as it directly dealt with the front- end players in the market.
Practical implications: This study will be very helpful to the Indian life insurers in understanding their executives and in reaching out to the prospective customers.
Originality/value: This study is a value addition to earlier studies in this field. It also brings a fresh breeze to the life insurance marketing process in India which is still based on traditional and obsolete strategies.

Keywords

7Ps, Buyer, Indian, Life Insurance, Seller.

  1. Booms, B Bitner, J. and. (1981), “Marketing strategies and organizational structures for service firms”, Marketing of services, American Marketing Association, Chicago.
  2. Brunner, G.C. (1989), “The Marketing Mix: Time for Reconceptualization”, Journal of Marketing Education, Vol. 11, pp. 72-79.
  3. Churchill, Jr., G.A. (1979), “A Paradigm for Developing Better Measures of Marketing Constructs”, Journal of Marketing Research, Vol. 16 No.1, 1979, pp. 64-73
  4. Cowell, D.W. (1984), The Marketing of Services, Institute of Marketing and the CAM Foundation, Heineman Professional Publishing.
  5. Dash, Ganesh. and Khan, M. Basheer Ahmed. (2011), “Product- The First ‘P’ (of 7p’s) in Indian Life Insurance Sector: An Empirical Study”, International Journal Of Research In Computer Application & Management, Vol. 1 (2011), Issue No. 2 (April), Pp. 53-60. 
  6. Dash, Ganesh. and Khan, M. Basheer Ahmed. (2011), “An Empirical Study on Perception of the Life Insurance Product: A Buyer-Seller Perspective”, BIMAQUEST, Vol.11, Issue-2, July 2011, pp. 38-55
  7. Doyle, P. (1994), Marketing Management and Strategy, Prentice Hall.
  8. Fryar, C.R. (1991), “What’s Different about Services Marketing?” The Journal of Marketing Services, Vol. 5, No. 4, pp. 53-58.
  9. Goldsmith, R.E. (1999), “The personalised marketplace: beyond the 4Ps”, Marketing Intelligence & Planning, Vol. 17 No. 4 pp. 178 - 185.
  10. Grossman, Martin, McCarthy, Richard V and Aronson, Jay E (2004), E-Commerce Adoption in the Insurance Industry, Issues in Information Systems, Vol. V, No.2. 2004
  11. Grove, S.J., Fisk, R.P. and John, J. (2000), “Service as Theatre, Guidelines and Implications”. Handbook of services Marketing and Management, Sage Publications Inc. pp. 25.
  12. Gupta, Pawan. (1977), ‘Investment Policy of Life Insurance Corporation of India’, Ph.D. Thesis, Delhi School of Economics, Delhi University
  13. Heir, Anderson, Tatham & Black (2006), Multivariate Data Analysis, Pearson Education, New Delhi, India
  14. Hinkin, T. R. (1995). A review of scale development practices in the study of organizations. Journal of Management, 21(5), 967-988.
  15. Lauterborn, B. (1990), “New marketing litany: four Ps passé: C-words take over”. Advertising Age. 61 (41), October, pp. 26.
  16. Mehr, Robert I. (1969),  Channels of Distribution in Insurance, The Journal of Risk and Insurance, Vol. 36, No. 5, (Dec., 1969), pp. 583-595
  17. Mishra, K C and Mishra Smita (2004), The Game is Changing: Insurance Reloaded, The ICFAI University Press, Hyderabad
  18. Mukherjee, Debkumar (2005), Pricing Of Life Insurance Products, The Accounting World, February 2005.
  19. Patil, Kallinath S. (2003), “Life Insurance Corporation of India, Its Products and Their Performance Evaluation: A Special Reference to Gulbarga District”, Finance India, Vol. 17, No. 3, pp. 1037-1040.
  20. Radhakrishna, G (2008), The Role of Advertising in Promoting Insurance Services: A Conceptual Approach, Marketing of Insurance Services in India, The ICFAI University Press, Hyderabad
  21. Rajesh, J, Jampala, C and Rao Venkateshwara (2005), Sales Promotion in The Insurance Sector: A Study of LIC, Insurance Chronicle, April 2005
  22. Raman, N. and Gayatri, C. (2004), “A Study on Customers Awareness Towards New Insurance Companies”, Indian Journal of Marketing, Vol. 34, January, pp. 6-8.
  23. Robins, F. (1991), “Four Ps or Four Cs or Four Ps and Four Cs”, MEG Conference.
  24. Rousey, S.P. and Morganosky, M.A. (1996), Retail format change in US markets, International Journal of Retail & Distribution Management, Vol. 24, no. 3, pp. 8-16.
  25. Rushton, A. and Carson, D.J. (1989), “Services – Marketing with a Difference?” Marketing Intelligence and Planning, Vol. 7, No. 5/6, pp. 12- 17.
  26. Sharma, Kapil. (2008), “Realising The Physical Evidence in to Selling Insurance’’, Marketing Insurance for Dummies, Regal Publishers, New Delhi
  27. Sinha, Tapen  (2005), The Indian Insurance industry: challenges and prospects, booklet, Swiss Re., IIRM, INDIA
Abstract Views: 1
PDF Views: 339

Advanced Search

News/Events

Institute of Managem...

Deccan Education Society Institute of Management Development and Re...

S.B. Patil Institute...

Pimpri Chinchwad Education Trust's S.B. Patil Institute of Mana...

D. Y. Patil IMCAM, A...

D. Y. Patil Institute of Master of Computer Applications & Managem...

Vignana Jyothi Insti...

Vignana Jyothi Institute of Management International Conference on ...

Department of Commer...

Department of Commerce, Faculty of Commerce & Business, University...

Birla Institute of M...

Birla Institute of Management Technology (BIMTECH) 3rd Pritam Singh M...

OP Jindal University...

OP Jindal University, India 4th International Conference on  ...

Department of MBA, N...

Department of MBA, Narayana Engineering College Nellore International...

Vignana Jyothi Insti...

Vignana Jyothi Institute of Management Conference Proceedings,...

Online Proceedings R...

Conference Proceedings, March 2023 ISBN: 978-81-956810-6-8 ...

By continuing to use this website, you consent to the use of cookies in accordance with our Cookie Policy.